More recently he has struck co-operation agreements with Macquarie, an Australian investment bank, and Bank of China. (In the interim, an attempt to buy Sarasin, a private Swiss bank owned by Rabobank of the Netherlands, came to nothing.) The aim is to have 50% of his business in emerging markets by 2015.

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Investors in the share offering included CIC International, Boyu Capital and CITIC Capital, as well as CDB Capital, the equity investment arm of China Development Bank.

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This includes a hit that it has taken on its investment in the Industrial and Commercial Bank of China.

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Stephen Roach, the chief economist of Morgan Stanley, an American investment bank, recently took 15 fund managers on a tour of China.

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The investment bank that has been mildly bullish on China for much of the last 12 months said investors should proceed with caution heading into the second quarter.

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Local governments will also borrow less and invest better than they did in the previous stimulus effort, argues Peng Wensheng of China International Capital Corporation, a Chinese investment bank.

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He traveled to China more than 70 times in his former job as chairman of investment bank Goldman Sachs.

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Morgan Stanley said that the injection from China Investment Corp - which equates to 9.9% of the bank - would help it to replenish its capital.

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Sun-Bae Kim of Goldman Sachs, an investment bank, points out that investment rates in emerging Asia as a whole, including China, look much healthier than in the region outside China (see chart 11).

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